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Varo Makes History: A Timeline of Mobile Banking

While today it seems pretty basic to deposit a check with a click of your camera app, or to send your roommate rent money with a few mobile taps, it wasn’t long ago when handling finances digitally—particularly via smartphone—was science fiction.

Simple tasks like transferring funds or checking one’s account balance required locating a physical branch, making sure you could appear during banking hours, waiting in line, and interacting with real humans.

To be clear, we’re pro-human (especially for sharing pizza and coffee)—but not so much pro standing in line or branches (annoying.) Seriously, how did we navigate finances before the world of banking became available at our fingertips?

As we’ve upgraded from bartering to cash, to plastic, to a desktop, to mobile, there is a clear trend: people pretty consistently favor the quicker, more convenient, more secure options when given the choice.

Now, Varo Money is on the way to becoming the first national all-mobile bank having received preliminary approval from the Office of the Comptroller of the Currency (OCC) for its application of a de novo bank charter. 

As mobile use continues to overtake desktop—and as new companies and technology allow for more delightful app experiences—banking as we know it is on track to continue evolving toward its simplest, speediest, most user-friendly form yet. A brief history of mobile banking history below.

timeline of mobile banking history

Sources:
https://www.smartinsights.com/mobile-marketing/mobile-marketing-analytics/mobile-marketing-statistics/

https://www.history.com/topics/bank-of-the-united-states http://www.softschools.com/timelines/history_of_banking_in_the_united_states_timeline/375/ https://www.thoughtco.com/automatic-teller-machines-atm-1991236
http://msmagazine.com/blog/2013/05/28/10-things-that-american-women-could-not-do-before-the-1970s/ https://www.gobankingrates.com/banking/history-online-banking/
https://thefinancialbrand.com/25380/yodlee-history-of-internet-banking/
https://mashable.com/2011/08/12/ibm-pc-history/#5kT.20cel8qO
https://www.gobankingrates.com/banking/history-online-banking/
http://www.fintechbd.com/the-history-of-technologyconnecting-money-to-people/

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